Unfair Bank & Lender Practices
Has your bank charged you hidden fees or misrepresented interest rates? We put our trust in banks and financial institutions to protect our hard-earned money, but these institutions sometimes put their own profits ahead of their account holders’ interests. When banks and other financial institutions illegally charge their account holders, they may be liable to those consumers for the harm caused by their unfair practices.
Unfair and fraudulent practices that banks may use to maximize profits to the detriment of their customers may include the following:
- Charging hidden fees
- Manipulation of debit processing to maximize overdraft charges
- Assessing unauthorized charges
- Misrepresenting the interest rate
- Illegally increasing the interest rate
- Failing to post payments or deposits to accounts
- Opening new accounts without customer consent
- Transferring funds between accounts without the customer’s approval or knowledge
- Running bait-and-switch schemes
At Glancy Prongay & Murray we believe that banks and financial institutions should be held responsible for such unfair and deceptive practices and have been at the forefront of consumer litigation in this field. For example, Glancy Prongay & Murray successfully settled several class actions against Bank of America, HSBC, Capital One and Discover Bank regarding a banking product generally referred to by the banks as “Credit Protection.” Plaintiffs alleged that consumers paid monthly payments for the service, but received nothing meaningful in return. Plaintiffs further alleged that the banks charged customers for this service through deceptive marketing based on misrepresentations and material omissions, administered benefits contrary to the expectations of the consumers and/or improperly denied benefits. The cash settlements obtained in those cases totaled approximately $100 million. We have experienced attorneys that will seek to remedy these wrongs and get your hard-earned money back for you.